Garfield County property tax bills are on the way
Glenwood Springs, CO Colorado
GARFIELD COUNTY, Colorado ” It’s that time of year again.
Tens of thousands of property tax bills will head through the mail to Garfield County mailboxes later this month. The majority of people will see very little change on their bills, said County Assessor John Gorman.
“For most residential properties the assessed value will be the same as it was last year,” Gorman said. “For most people mill levies have changed very little.”
Tax rates vary depending on what tax districts a property is in. A West Glenwood Springs home will see a tax of about 65 mills.
To calculate the tax, officials multiply the assessed value by an assessment rate, then multiply by the mill levy figure then divide by 1,000. The assessment rate for residential properties is 7.96 percent. So a $300,000 home in West Glenwood Springs might get a bill for a little more than $1,552.
The assessed value that all the various taxes are based on changes only every other year. Such a change won’t affect this tax bill. But the assessor’s office is currently in the process of valuing homes.
A notice of valuation with a new value will be sent to property owners in May. The value will affect taxes charged for 2009 and payable in 2010.
To determine the new value of residential properties, tax officials examine sales of similar properties during an 18-month period leading up to June 30 in even-numbered years.
“This is one of the a-little-bit-confusing things,” Gorman said. “The date of assessment is Jan. 1. We’re required to look at the condition of a property on Jan. 1 and use that condition but value it the previous June 30. … They’re all valued what they were worth June 30 in even-numbered years.”
The assessed value lags behind what a home might sell for on the market today. That could cause some head scratching since the real estate market has been slowing down in the county.
Gorman said it’s possible that as the housing market declines, a home could be valued for higher than it could actually sell for because the value is based on the past.
Essentially, he would have to tell people, “Well, it was worth that a year and a half ago.”
To determine the value of commercial and industrial property, assessors also look at the cost of creating a property and the income a property generates.
For more information, call 945-9134 or visit http://www.garfield-county.com. Click “County Departments,” “Assessor,” then “FAQ.”
Contact Pete Fowler: 384-9121
Post Independent, Glenwood Springs Colorado CO
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